TUCSON, ARIZ.— Meridian and Harrison Street Asset Management have completed the sale of El Dorado Medical Plaza, a three-story healthcare campus located at 1400 N. Wilmot Road in Tucson. Franklin, Tenn.-based Medical Realty acquired the asset for an undisclosed price.
Situated on 11.7 acres, El Dorado Medical Plaza offers 182,900 square feet of medical office space, a surgery center and hospital uses. The facility is anchored by Tucson Medical Center (TMC) and El Dorado Springs Behavioral Health, a Lifepoint Health behavioral health hospital. Meridian, in partnership with Harrison Street, negotiated a lease extension with TMC, which now occupies approximately 78,000 square feet of the property.
JLL’s Medical Properties Group represented the seller in the deal. Andrew Milne, Evan Kovac, Matt DiCesare and Sam Prendergast of JLL facilitated the sale, while John Chun and Jarrod Howard of JLL arranged financing for the buyer.
Meridian and Harrison Street purchased El Dorado Medical Plaza in March 2021 through a joint venture partnership. During its ownership, the joint venture invested in capital improvements at the property and worked with its major tenants on multi-year lease commitments and expansions.